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List: Posted: 10/11/11
Whenever you are in need of money in a hurry, banks can be difficult to use as a source. Whether you don’t have the required credit, lack the collateral, or just need money faster than they can give it to you, this isn’t always an option.
In some cases, the amount of money you need to borrow is less than you have, but also less than the minimum banks are willing to lend. This is where a loan from a pawn shop can come in handy.
With pawn shops, you offer an item of value to them for a percentage of what it is worth. Ideally, you will ask for as little money as possible so that you can be certain you will be able to pay it back. If you fail to repay the money, the pawn shops now legally own your item, and can keep your item and sell it. You no longer have a legal claim to the item, regardless on how big or small your loan was.
Repayment typically needs to be done within a short period of time and includes the amount of the loan plus an interest fee. Compared to the need to make monthly interest payments, however, it can be a good idea if you have a low or no credit score.
There are many items that pawn shops will take as collateral. You can often trade anything from jewelry and firearms to antiques, DVDs and electronics.
Be aware that you will almost certainly be fingerprinted when you pawn an item, so don't be offended when they ask you to supply prints. They do this to deter thieves and burglars who would otherwise use them to quickly unload stolen or 'hot' goods.
When you need money in a pinch and bank loans or family loans just aren’t right or available to you, pawn shops can certainly come in handy. They can make loans of a variety of sizes, and as long as you have collateral, you don’t have to worry about your credit score.
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